Sunday, January 23, 2011

Head of Vatican's bank gives warning

The head of theVatican's bank fires a warning shot across the bow of the US and Europe's Keynesian Titanic. See here.

"Zero interest rates factually equal a de facto transfer of wealth from he who was a virtuous saver (although not for Keynes) to he who has become virtuously (for Keynes) indebted," he said. "Practically, it's about a hidden tax on poor savers, a tax transferred to the wealthy, (that is), over-indebted states, business people and bankers.”

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